“Ideal” College Selection Checklist — an Overview!
College selection is one of the most important pieces of the college-funding puzzle. For example, selecting the right school can enable you to get your child a private education for the same cost as a public university – regardless of the sticker price. Obviously, we recognize that there are a variety of reasons for proper college selection other than money; but, for those of you looking to make college more affordable, we have outlined some steps that you should be taking RIGHT NOW to give yourself the best chance for desired results.
In summary, a good rule of thumb is to BE PROACTIVE!
1) Review the College Insights “College Calendars”
Having a plan is critical because there are so many things to be done in order to maximize success. Please review the College Insights “Calendars” (both the Student Academic and Parent Financial versions) to ensure you are on track. At a minimum, make sure you know the Admissions and Financial Aid Form deadlines for each of the schools to which you plan on applying, and “don’t miss them!”
2) Diligently Investigate a Career Path
Choosing a career is one of the most important decisions that students face today. Lack of planning forces many students into a 5 or 6-year college degree. Many students receive degrees in declining growth fields, or a field with a surplus of applicants, and cannot find employment after graduation. A wise choice can lead to rewarding occupational experiences, opportunity for personal growth and the security of adequate income. It will also allow the family to maximize their educational investment in the student. However, do NOT be alarmed if your child cannot figure out their career path yet. If that is the case, then consider “liberal arts” schools that encourage students to try different fields of study their first 1-2 years of school and they can determine a career direction (and major) later.
3) Thoroughly Research Each College
The main reason to research each college specifically is to insure that the college’s “personality” fits with the personality of the student. Once you have identified the colleges of interest, an on-campus visit will offer a clearer understanding of each college’s programs, policies, and social setting. Today, most colleges have their own website which can provide you with a “virtual visit” to do adequate research. However, only during the on-campus visit can the student experience the environment in which he or she will spend the subsequent four years.
4) Properly Prepare for the ACT/SAT Tests
Higher test scores increase the student’s opportunity to qualify for various college-sponsored grants and scholarships. The ACT/SAT test should be taken once in the high school junior year and, if necessary, again early in the senior year. Statistics show that higher scores can be achieved on the SAT/ACT tests using advanced preparation methods. Many test scores can be increased by as much as 10-20% with proper preparation. Advanced planning requires a small commitment, but can pay off in big rewards.
5) Apply for Admission Early
Apply for admissions in the first few months of the student’s high school senior year. Grants and scholarships are limited and given out on a first-come first-serve basis. Once the college freshman class begins to fill, it is much more difficult to position the student for aid opportunities. Plus, you generally do not need to make a financial commitment to a particular college until much later (typically by May 1), unless you decide to file “early decision” which requires a contractual obligation to the college.
6) Apply to a Minimum of 6-8 Colleges
Do not limit your ability to negotiate the price of college. Apply to several colleges to maximize your financial opportunities. Position the student in the top 25% of the incoming freshmen class for your school choices. (Alternatively, pick at least 4-5 schools in the top 25%, 1-2 where not in the top 25%, but hope to be admitted – financial aid “reach” schools, and 1-2 in the lower 50% — financial aid “safety” schools.) If you receive a better financial package from a school other than your primary choice, you may be able to use that award as a negotiation tool. Also we recommend that you pick at least one public college/university in your home state to apply to as a “financial safety” school. We are lucky to have a wide range of public college choices in our country that provide great value.
7) Apply to Private Colleges
Private colleges must compete with less expensive state subsidized public universities. Many private colleges will offer incredible financial award packages to attract good students. Plus, they generally offer a smaller class size, which increase the student’s chance of attaining a degree in four years. Furthermore, private schools generally award more financial aid than public schools and/or have more of their own funds (versus government funds) to award. Be sure to include a few private colleges in your selection process. You may be surprised with the outcome.
8) Apply for Financial Aid – No Matter What!
Apply for financial aid, regardless of the family’s financial income. Many colleges require the completion of a financial aid form (FAFSA, CSS PROFILE, etc.), even to qualify for merit grants and scholarships. Many student loan applications (Federal Direct and Federal PLUS) also require the completion of at least the FAFSA financial aid form. Be sure to check with each school for their requirements.
